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IndoSpace Leases Over 700,000 Sq Ft Warehousing Space to RenewSys India

IndoSpace Leases Over 700,000 Sq Ft Warehousing Space

In a landmark development for India’s logistics and warehousing industry, IndoSpace has leased out more than 700,000 sq ft of Grade-A warehousing space to solar PV modules manufacturer RenewSys India Pvt Ltd. The facility is located in Khalapur, near Mumbai. This deal marks the largest logistics transaction of the year so far.

This long-term lease, exceeding 10 years, signals an increasing demand for high-quality logistics infrastructure from India’s green energy sector. To accommodate operational customization, the facility was handed over for fit-outs on March 25, with four months allotted for interior modifications. According to documents accessed through CRE Matrix, the rent commencement date, including a three-month rent-free window, is set for November 25, 2025.

RenewSys India, a leading integrated solar PV modules manufacturer, will pay an initial rental of ₹1.44 crore per month for the facility. The lease agreement includes structured rental escalations – a 15% hike after the first 36 months, followed by a 5% annual increase for the remaining term.

The lease also incorporates a five-year lock-in for IndoSpace and a full-term lock-in for RenewSys. This highlights a strong mutual commitment and operational continuity.

Common area maintenance (CAM) charges have been set at ₹1.06 per sq ft per month, with an annual escalation of 5%. During the fit-out phase, CAM charges are significantly lower, at just ₹0.25 per sq ft per month.

This leasing deal is not just about space – it’s about strategic expansion. RenewSys will use the Khalapur facility as a key logistics hub to support its manufacturing units in Hyderabad, Bengaluru, and Panvel. The company continues to scale its operations to meet both domestic and international solar energy demands.

The deal underlines the growing popularity of India’s warehousing and logistics sector. With industries like renewable energy, e-commerce, manufacturing, and 3PL driving demand, long-term leasing has become more common. This reflects tenant confidence and market evolution.

Backed by favorable government policies, infrastructure upgrades, and a robust consumption-driven economy, India’s logistics sector is now aligning with global standards – ready to power the next wave of industrial growth.

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MRF Leases 3.85 lakh sq. ft Warehousing Space in Pune’s Mawal Area

MRF Leases Warehouse

Indian multinational tyre manufacturing company MRF has secured the lease of 3.85 lakh sq ft of large warehousing space in village Sudvadi, Mawal area of Pune district. The Chennai-headquartered company has signed the lease deal with NDR Tradehouse for an initial monthly rental of approximately Rs 1.05 crore. It also has an escalation clause that will increase the annual rental by 4.5% every year. This suggests that there is a strong demand for warehouse spaces in India’s expanding logistics industry.

As per documents procured from CRE Matrix, this agreement was registered on 18 July for an initial five-year tenure with a provision for its extension of another five years. A lock-in period of three years ensures a minimum commitment from both parties. Additionally, MRF will pay common area maintenance charges of Rs 3.85 lakh per month and has made an upfront security deposit of Rs 3.14 crore, equivalent to three months’ rental payments. This provides financial security to NDR Tradehouse.

One of the unique features of this lease agreement is the provision for MRF to expand its warehousing space by an additional 2 lakh sq ft within three years. If NDR Tradehouse fails to provide this additional space when required by MRF, the lock-in clause will not be binding. 

In recent years, India has experienced a notable surge in the leasing of warehouse facilities. This is mostly due to the swift rise of e-commerce, the imposition of the Goods and Services Tax (GST), and the growing need for effective supply chain management. There has been an increase in warehouse leasing activity in major cities and developing industrial clusters as businesses look to improve distribution networks and optimize logistics.

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